Minority shareholders in L&T raise objections

Published:
03 February 2004

The minority shareholders of Larsen and Toubro Ltd have voiced their displeasure over the scheme of arrangement involving demerger of its cement business and moved five amendments which were defeated by a majority vote. The proposal envisaging vertical demerger of company’s cement business and eventual transfer to Grasim Industries Ltd (BSE:GRAS), an Aditya Birla group company was placed for shareholders approval at the High Court convened Extraordinary General body Meeting here. The shareholders moved amendements to the scheme of arrangement, including revaluation of cement business which were put to vote. L&T chairman and managing diector A M Naik said the restructuring was beneficial for the shareholders as it would unlock the value of the cement business.